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01/02/11 -- Soybeans

March soybeans settled 25 cents higher at USD14.38 a bushel; March soymeal climbed USD9.70 to USD390.00; March soyoil ended 84 points higher at 58.72. Beans hit 2 1/2 year highs and private exporters announced the sale of 110,000 MT of soybeans to "unknown" destinations. Strikes at the Argentine port of Rosario are likely to disrupt soybean supplies from the region.


March corn rose 6 1/2c to USD6.66/bushel; Mary corn also jumped 6 1/2c to USD6.76 1/4 a bushel. Private exporters reported the sale of 120,000 MT of corn for 2010/11 delivery to "unknown". Funds were estimated to have been buyers of 6,000 to 7,000 corn contracts on the day. The weather outlook in Argentina is improving, but some damage to corn may already be irreversible.


CBOT March wheat fell 5c to USD8.35 3/4 a bushel; KCBT March wheat declined 3/4c to USD9.24; MGEX March wheat rose 1 1/4c to USD9.81. Once again premium quality wheat gained on lower grades. US winter wheat ratings continue to decline, a severe winter storm heading into the Great Plains may cause further damage and disruptions. More US winter wheat than normal may get ripped up and replanted with corn or soybeans this spring is the word on the streets.